Israeli Central Bank Slams Move to Label Top Banks an Oligopoly

Israel’s central bank accused the competition watchdog of making an “extreme and disproportionate” decision following a move to categorize the country’s top lenders as an oligopoly.

At stake is a move by the Competition Authority to declare Israel’s five largest banks a “concentration group,” a legal term that grants it jurisdiction over the lenders’ retail operations and adds to routine scrutiny from the central bank.